A treasurer is referred to as that person who oversees the treasury, or monetary stores, of a government or other body. Treasurers are commonly employed by clubs, corporations, and nonprofit organizations, as well as national and local governments. In the original use of the term, a treasurer was considered to be that person who was entrusted with the oversight of a noble’s wealth, or treasure.

Responsibilities of a treasurer

The responsibilities of a treasurer includes the maintenance and administration of funds, generating revenue, and keeping financial records. Financial reports for their employers are created by the treasurers and they also analyze past financial records in order to predict future trends and plan appropriate budgets.

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This week, the rates for 30-year home loans went down, almost meet the lowest record that has been reached over the spring.

According to the mortgage company Freddie Mac, the average rate for a 30-year, fixed-rate mortgage was 5.08 percent, down from 5.14 percent a week earlier. Although the rates are a little higher as compared to the record low of 4.78 percent that hit in April, they are still attractive for people looking to buy a home or refinance as they are still in the low region.

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A meeting of The Federal Open Market Committee held today, and while any changes to short-term interest rates are light-years away, many have the question in their minds that if the Fed will further target long-term interest rates.

In Treasury yields an early June spike had the 10-year note touching 4 percent and conforming 30-year, zero-point fixed rates reaching up to 6 percent. In treasury approximately $1 trillion are left, GSE debt buybacks and mortgage-backed over the balance of 2009, now with this it become possible to stop mortgage rate from rising further.

But in the Mortgage Bankers Association Applications Survey Refinance Index from May 20 through June 17 of this year there has been a fall of 58 percent which shows that to stop the mortgage rates from rising further and to push mortgage rates down to such levels that generate a frenzy of refinancing and home buying activity are two different things. And there difference is too big than what we think.

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Here are some thought provoking quotes on money and banking.   I hope you will enjoy reading them. They become even more interesting as you see them in perspective of current global financial crisis.

“The bank hath benefit of interest on all moneys which it creates out of nothing.” — William Paterson, founder of the Bank of England, 1694.

“All the perplexities, confusion and distresses in America arise not from defects in the constitution or confederation, nor from want of honor or virtue, as much from downright ignorance of the nature of coin, credit, and circulation.” — John Adams, letter to Thomas Jefferson.

If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations. — US President Andrew Jackson.

“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.” — US President Abraham Lincoln

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All of us who live in the United States, have spent all our lives looking at the same style of paper currency: those things that say “Federal Reserve Note” and have a dead President in the center of the bill in an oval frame. Every now and then the Bureau of Engraving and Printing starts distributing a new design of U.S. currency, we’ve started seeing some variations in the theme; certainly we get to see the details of the portrait engravers’ work much more clearly. Still, though, we rarely stop to appreciate the skill and artistry of the engravers… after all, it’s just money. We just take it out and spend it.

But what if the Bureau of Engraving and Printing decided, as they did in the 1890s, to use our paper money as a showcase for art?

Silver certificates are an older form of U.S. currency; their value was backed by silver held in the U.S. Treasury, and they could be redeemed at the Treasury for silver dollars. An 1886 Act of Congress authorized the creation of a new series of silver certificates, and so it came to pass that the Secretary of the Treasury gave the Bureau of Engraving and Printing the task of designing and printing the new currency.

Claude M. Johnson, then Chief of the BEP, had definite ideas about the role of art in paper money. By 1893 Johnson and the BEP had decided on four artists – the muralists Edwin H. Blashfield, Will H. Low, C. S. Reinhart and Walter Shirlaw – to design the new currency, and planned to award a commission of $800 for each design the BEP accepted.

1896 $1 USD Note

The noted artists, together with the BEP’s talented engravers, created a new currency of unparalleled beauty – extraordinary designs, the likes of which had never been seen before in the U.S. and have never been equalled since.

Will H. Low’s design for the $1 note

Will H. Low’s design for the $1 note, entitled History Instructing Youth, shows a female History with a young student standing beside her, gesturing to an open book of history before her. An olive branch rests against the book, holding it open to show the Constitution of the United States upon the page. Both the Washington Memorial and the Capitol Dome can be seen in the background landscape. The outside border of the note shows 23 wreaths, each bearing the name of a noteworthy American – not surprisingly starting with Washington, Jefferson and Franklin, but also including such names as poet Henry Longfellow, inventor Robert Fulton, and author Nathaniel Hawthorne, among many others. The seal of the Treasury appears in the lower right.

Low’s original painting, which now hangs in the BEP’s Washington, D.C. offices, was slowly and artfully reproduced as an intaglio printing plate by the BEP’s talented engraving staff.

Shortly after the $1 bill was released to the public, Bureau engraver G.F.C. Smillie was informed by a friend that the word tranquillity was misspelled in the tiny Constitution that adorned the book. “Rats,” Smillie reportedly replied. “The word was spelled that way in the original Constitution…”

Smillie was, of course, correct… even though, at the time, tranquillity (with two “l”s) was the accepted spelling.

“Now at the Bureau of Engraving and Printing we must ‘follow copy,’” a Bureau spokesman later stated, “and cannot demonstrate superior knowledge in the face of absolute authority. Hence, ‘tranquility’ is on the new note. There is plenty of authority for spelling that word economically in respect to ‘l’s.”

1896 $1 USD Currency Note

The $1 note was released to the public on July 14, 1896, the first of the series to be put into circulation. Because of the public’s unfamiliarity with the new money, though, some people began illegally “raising” the values of the bills by changing the numbers in the corners and then passing the notes off as “the new $5s” or “the new $10s”.

The memory of this may be why the present-day U.S. Treasury chose to release the highest denominations of our new currency first, and then slowly proceeded downwards as people grew accustomed to the new designs. (It would make little sense for a counterfeiter to take a new $100 bill and try to persuade people it was a new style of $1.)

The back of the 1896 $1, featuring intricate geometric lathe work and a winged, shield-bearing Liberty in each of the upper corners, carries traditionally-styled portraits of both George and Martha Washington. The portraits were engraved by Alfred Sealey and Charles Burt, respectively, and the overall design of the back was the work of Thomas F. Morris.

Recently made the Chief of the BEP’s engraving division, Morris had his own concerns about the 1896 note designs. They were the only notes since 1861 which had no geometric lathe designs on the face of the notes, and the intricate lathe-work served as a strong deterrent to counterfeiters. Perhaps this accounts for the unusually intricate and thorough lathe-work which Morris applied to the backs of the 1896 designs.

People being what they are, there were several public statements that the central “One” on the note was irresponsible. The reasoning was thus: “no one should come between George and Martha Washington”.

Don’t blame me. I don’t make the news. I only report it.

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